Wednesday, May 11, 2016

New Listing Market Watch

The signs of a slowing market continue and are more pronounced. Although new listings in the last two weeks are higher than for the comparable period last year (349 compared to 312 a year ago) especially for single family homes (147 vs 119 a year ago), the percentage of these listings going into contract in the same two-week period is down significantly compared to the prior year period.

This seems to show that buyers have more to choose from and they are not willing to be stampeded into making offers as quickly as they were last year.

We've also noticed a significant increase in the number of new listings posting price reductions within the first two weeks of coming on the market. Almost two-thirds of the 202 new condo listings posted price reductions.

Overall, our monthly sales report for the five categories of single family homes and condos we track on a monthly basis shows substantial increases in inventory

along with a decrease in the number of properties sold compared to a year ago.